Davis' support, which follows endorsements from the San Francisco Board of Supervisors and Mayor Willie Brown, was the last hurdle the committee needed to clear before the U.S. Olympic Committee Site Evaluation Task Force conducts its final visit of the San Francisco site proposal July 14 and 15.
Representatives for the Bay Area Sports Organizing Committee, which is spearheading the bid, said the legislation authored by Senate President Pro Tem John Burton, D-San Francisco, does not require appropriation from the state's general fund but it does gives future legislators leeway if the $2.8 billion project goes over budget.
Anne Cribbs, president of the committee, said, "We're incredibly grateful to Governor Davis, Senator Burton and our friends for this state-backed guaranty ... but we fully intend never to need or use California tax dollars to fund the Olympic Games.''
The Bay Area Sports Organizing Committee's proposal would use existing venues from Monterey to Sacramento. The proposed budget includes a projected $500 million surplus as well as a $250 million insurance policy to cover unanticipated costs.
"This law provides tangible government support as a last resort but does nothing to change our absolute commitment to hosting a privately-financed, privately-insured Olympic Games in 2012,'' Cribbs said.
Broadcast rights, estimated to sell for more than $1 billion, and top-level corporate sponsorships by companies such as Coca-Cola and Kodak accounted for 79 percent of past budgets for other U.S. host cities. Local sponsorships and ticket sales are expected to cover the remaining expenses.
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